BitBoy Says XRP Could Soar if Trump Fires SEC Chair Gary Gensler

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As a seasoned researcher with a keen interest in both politics and cryptocurrencies, I find myself intrigued by the latest developments surrounding the potential change at the SEC under President-elect Trump. Having closely followed the XRP saga since its inception, I can’t help but feel a glimmer of hope for this token that has long been held back by regulatory pressures.

Crypto influencer Ben Armstrong, also known as *BitBoy*, believes the price of XRP could jump if President-elect Donald Trump follows through on his campaign promise to fire SEC Chair Gary Gensler. Yesterday, Trump won the 2024 election, and during his campaign, he stated he would replace Gensler on his first day in office. 

Following Donald Trump’s election victory, the cryptocurrency market experienced a significant surge. Bitcoin touched an all-time high of $76,400, while XRP peaked at $0.5739, its highest level in over a month. Armstrong posits that with Gensler out of the picture, XRP could potentially see the most substantial growth among the top 100 cryptocurrencies due to Trump’s presidency.

The crypto space has long been frustrated with Gensler, especially due to his handling of XRP’s legal troubles. In 2020, the SEC filed a lawsuit against Ripple Labs, the company behind XRP, accusing it of selling unregistered securities. 

Despite the case being settled, XRP investors believe that the lawsuit negatively impacted the token during a past market surge. Armstrong proposes that dismissing Gensler could alleviate regulatory constraints on XRP, enabling it to mimic the skyrocketing trajectory of other tokens in the current market.

As a crypto investor, I must admit that not everyone seems as optimistic as Armstrong about the future of cryptocurrencies. To be fair, Erik Huisman, a respected figure in this field, has expressed skepticism regarding the idea he mentioned, stating bluntly, “It’s not happening, I’m sorry to disappoint you, Ben. If your intention is simply to offload your XRP holdings onto your followers under the guise of false hope, then just be transparent about it instead.

However, it’s important to note that the backing for change at the SEC isn’t limited to just the XRP community. In fact, Bradley Tusk, the CEO of USK Ventures and a significant investor in cryptocurrency businesses, has also voiced his criticism towards Gensler’s methods.

In a recent public statement, Tusk criticized Gensler as the most restrictive regulator in the cryptocurrency sector, claiming his hardline approach has led to uncertainty about what activities are permissible within the digital currency market. He, along with others, advocates for transparent and consistent regulations to foster the expansion and success of crypto businesses in the United States.

If Trump decides to oust Gensler, there’s a possibility he could appoint someone more favorable towards cryptocurrency, such as former SEC commissioner Dan Gallagher or current commissioner Hester Peirce, who have voiced concerns about Gensler’s policies in this area.

On the contrary, Democratic nominee Kamala Harris was likewise receptive to reforms at the SEC, although she’s less publicly supportive of cryptocurrencies compared to Trump. As per a recent Fortune report, Harris might have contemplated appointing Chris Brummer, a professor from Georgetown who advocates for crypto, or Erica Williams, a current regulatory head, had she won the election.

Regardless of whether Gensler remains in his position or not, it’s evident that the regulatory landscape for cryptocurrencies is set to undergo significant transformations.

Also Read: Over 270 Pro-Crypto Candidates Win U.S. Election Seats:

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2024-11-07 12:36